On the last trading day on last week, stocks were up and this according to market analysts helped cap off the biggest weekly gains of the year so far. Whereas the Dow Jones industrial average rose 126.80 points, or 0.8%, to 16,154.39, the growth for the Standard & Poor’s 500 index was 8.80 points, or 0.5%, to 1,838.63 on the last trading day of the week.
In fact, the Dow and S&P 500 saw success the whole week as it gained on six of the past seven sessions. A similar trend was seen in the NASDAQ composite index which gained for the seventh straight session. The index gained 3.35 points, or 0.1% to 4,244.03 on Friday and the overall growth of the tech-laden index was 2.9% for the week.
Major Losers and Gainers in the U.S. Stock Trade
Major gainers on Friday trade was Campbell Soup which gained 5% to $43.01 after the company reported its second-quarter profit. However, Weight Watchers International was unable to gain; rather, it fell 27.7% to $22.10 after reporting a big drop in earnings which was not as what was expected by the trade analysts.
A similar trend was seen in Men’s Wearhouse whose stocks dropped 5.3% to $44.07 after it failed to lock a deal with Jos. A. Bank Clothiers as the latter announced a deal of its own. Though the overall outlook of the market was good and stocks went up, investors were disappointed by a steep drop in U.S. factory output in January as it according to the Federal Reserve plunged 0.8%.
European Market Up as Eurozone Recovery Expected
European stock market like the Asian stock market was mostly up in the week. The major reason behind the upward movement was that various figures show the Eurozone may see a recovery this year. According to official figures the economic recovery across the eurozone accelerated in the fourth quarter of 2013 and this is going to boost the investors’ sentiments.
Eurostat, the European Union’s statistics office, says that the eurozone’s gross domestic product grew by 0.3% in the October-December quarter compared in comparison to the previous three-month period. On the better trading day Britain’s FTSE 100 index was up 0.1% to 6,663.62. A similar trend was seen in the CAC-40 in France which gained 0.6% to 4,340.14. Another European major economy, Germany’s DAX rose 0.7% to 9,662.40.
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